Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper: Copper prices are consolidating between 242 and 251, taking support at the 242 (38.2% retracement). Dropping RSI and MACD indicate weakness in the counter. Breaching 242 can trigger downslide till 237 and further till 232.
Nickel prices trending upwards, with rising ADX and +DI. The RSI and MACD also are seen rising. Thus the short-term trend in Nickel is bullish. The Immediate support is at 763 levels, thus one can enter at lower levels around 770-775, targeting 824 in near term.
Aluminium prices are seen consolidating at the top. Prices remained range bound within the 7 and 21 DMA for the day. Prices are expected to move in the direction of the break-out. However, the bias remains on the Downside with crossover on the MACD in the previous session.